Gold Daily | Gold Prices Surge Past $3,400/oz Amid Weak US Jobs Data and Tariff Tensions

【Latest Gold Price and Recent Trends】

Gold prices have rebounded strongly, with COMEX gold futures rising above $3,400/oz, driven by disappointing U.S. employment data, increased tariff tensions, and heightened expectations for a Federal Reserve rate cut in September.

【Technical Analysis】

Analysts suggest that gold might break through the $3,440/oz barrier, supported by geopolitical uncertainties and technical indicators showing potential for further upward movement. However, prices remain in a range-bound state, requiring consolidation before a sustained breakout.

【Market Sentiment and Economic Background】

Weak U.S. employment data and new tariff hikes by President Trump on Canada have spurred market fears, shifting expectations towards a 75% probability of a Fed rate cut in September. This has supported gold prices as a safe haven amidst stock market declines and a weakening dollar.

【Analyst Opinions】

Analysts are overwhelmingly bullish on gold. Adrian Day and others highlight that the weak jobs data increases pressure on the Fed to cut rates, supporting gold prices. Meanwhile, Chris Vecchio notes that tariff tensions will reduce dollar trade, favoring gold. David Morrison remains cautiously optimistic, pointing out that while the data is favorable for gold, price stability requires more consolidation.